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UK-Vietnam expanding new trade opportunities by fulfilling FTA promises

The UK and Vietnam are increasing their business and investment collaboration by fulfilling pledges within their bilateral free trade agreement (FTA) and Vietnam’s backing for the UK’s efforts to join the Asia-Pacific free trade pact.

Earlier, both sides agreed that new instruments will be made to foster UK-Vietnam’s bilateral ties in trade, investment, defence and security, climate change and sustainable development – at the 8th UK-Vietnam Strategic Dialogue held in Hanoi.

UK-Vietnam-expanding -trade-FTA-promises
Figure: UK and Vietnam are increasing their business and investment collaboration by fulfilling pledges within their FTAs.

According to media reports, Graham Stuart, UK Prime Minister’s trade envoy to Vietnam, Cambodia and Laos said, “Vietnam is massively significant to the UK’s trade agenda, as well as to the county’s growing focus on ASEAN and Asia-Pacific.”

Recently Graham Stuart visited Vietnam, where he worked with the Vietnamese government, the ministry of industry and trade, and other agencies on enhancing the implementation of the UK-Vietnam Free Trade Agreement (UKVFTA). And on the UK’s future consent to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Stuart said, “The UKVFTA is a strong propellant for increasing trade. Our trade ties will be strengthened, especially on renewable energy, following Vietnam’s recent commitment to net zero.”

While from Vietnam govt. side, Tran Quoc Khanh Vietnam’s Deputy Minister of Industry and Trade also visited the UK and met Penny Mordaunt, Minister of State, UK to review all commitments under UKVFTA, as per the Vietnamese media report.

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